* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Saturday, September 6, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Pendulum Announce Homecoming 2026 Australian Tour – yahoo.com

    Pendulum Announces Thrilling Homecoming Tour Across Australia in 2026

    ITV Studios Launches New Entertainment Label – Global Bulletin – IMDb

    ITV Studios Unveils Exciting New Entertainment Label

    TS Entertainment bringing Malibu Jack’s to former Owensboro mall – Lane Report

    TS Entertainment Launches Malibu Jack’s at Former Owensboro Mall Location

    Jenny Han Dropped a Major ‘The Summer I Turned Pretty’ Easter Egg Revealing [SPOILER] – yahoo.com

    Jenny Han Just Unveiled a Huge ‘The Summer I Turned Pretty’ Easter Egg That Changes Everything [SPOILER]

    Liam Payne’s Cousin Ross Harris Honors Late Singer With Emotional Song ‘Bones’ – yahoo.com

    Liam Payne’s Cousin Ross Harris Honors Late Singer with Emotional New Song ‘Bones

    Country music star apologizes after drunken show ends with cops taking him down: ‘I’m not OK’ – PennLive.com

    Country Music Star Apologizes After Drunken Show Ends in Police Intervention: ‘I’m Not OK

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Coherent Joins LLNL’s STARFIRE Diode Technology Working Group to Advance Inertial Fusion Energy – GlobeNewswire

    Coherent Partners with LLNL’s STARFIRE Team to Drive Breakthroughs in Inertial Fusion Energy

    Gene Associated With Deadly Heart Disease in Golden Retrievers Identified – Technology Networks

    Breakthrough Discovery Uncovers Gene Behind Deadly Heart Disease in Golden Retrievers

    Monkey Island LNG Picks ConocoPhillips’ Liquefaction Technology – Hart Energy

    Monkey Island LNG Selects ConocoPhillips’ Advanced Liquefaction Technology for Next-Gen Energy Solutions

    Credo Technology Group Holding Ltd. (CRDO) Surpasses Q1 Earnings and Revenue Estimates – Yahoo Finance

    Credo Technology Group Surpasses Q1 Earnings and Revenue Expectations

    The Economist is hiring a science and technology correspondent – The Economist

    Exciting Opportunity: Become Our Next Science and Technology Correspondent!

    Blockchain lender Figure Technology seeks to raise up to $526M in IPO (FIGR:Pending) – Seeking Alpha

    Blockchain Lender Figure Technology Sets Sights on $526M in Thrilling IPO Launch

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Pendulum Announce Homecoming 2026 Australian Tour – yahoo.com

    Pendulum Announces Thrilling Homecoming Tour Across Australia in 2026

    ITV Studios Launches New Entertainment Label – Global Bulletin – IMDb

    ITV Studios Unveils Exciting New Entertainment Label

    TS Entertainment bringing Malibu Jack’s to former Owensboro mall – Lane Report

    TS Entertainment Launches Malibu Jack’s at Former Owensboro Mall Location

    Jenny Han Dropped a Major ‘The Summer I Turned Pretty’ Easter Egg Revealing [SPOILER] – yahoo.com

    Jenny Han Just Unveiled a Huge ‘The Summer I Turned Pretty’ Easter Egg That Changes Everything [SPOILER]

    Liam Payne’s Cousin Ross Harris Honors Late Singer With Emotional Song ‘Bones’ – yahoo.com

    Liam Payne’s Cousin Ross Harris Honors Late Singer with Emotional New Song ‘Bones

    Country music star apologizes after drunken show ends with cops taking him down: ‘I’m not OK’ – PennLive.com

    Country Music Star Apologizes After Drunken Show Ends in Police Intervention: ‘I’m Not OK

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Coherent Joins LLNL’s STARFIRE Diode Technology Working Group to Advance Inertial Fusion Energy – GlobeNewswire

    Coherent Partners with LLNL’s STARFIRE Team to Drive Breakthroughs in Inertial Fusion Energy

    Gene Associated With Deadly Heart Disease in Golden Retrievers Identified – Technology Networks

    Breakthrough Discovery Uncovers Gene Behind Deadly Heart Disease in Golden Retrievers

    Monkey Island LNG Picks ConocoPhillips’ Liquefaction Technology – Hart Energy

    Monkey Island LNG Selects ConocoPhillips’ Advanced Liquefaction Technology for Next-Gen Energy Solutions

    Credo Technology Group Holding Ltd. (CRDO) Surpasses Q1 Earnings and Revenue Estimates – Yahoo Finance

    Credo Technology Group Surpasses Q1 Earnings and Revenue Expectations

    The Economist is hiring a science and technology correspondent – The Economist

    Exciting Opportunity: Become Our Next Science and Technology Correspondent!

    Blockchain lender Figure Technology seeks to raise up to $526M in IPO (FIGR:Pending) – Seeking Alpha

    Blockchain Lender Figure Technology Sets Sights on $526M in Thrilling IPO Launch

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Technology

Can anyone afford a ride? The great Nigerian car conundrum

March 21, 2024
in Technology
Can anyone afford a ride? The great Nigerian car conundrum
Share on FacebookShare on Twitter

Ngozi Eugene, a lawyer who lives in Lagos and earns ₦600,000, began saving for a Toyota Corolla in 2022. By 2024, she had saved N4.7 million and was confident it was sufficient, but when she visited a car dealership in late February, the best deal for a used 2005 Toyota Corolla was N7 million, while a 2008 Toyota Corolla was N8 million. 

Car dealers who spoke to TechCabal said her best bet, given her budget, was a Nigerian used Toyota Corolla. A combination of foreign exchange volatility, customs duty, and shipping costs are putting the prices of cars beyond the reach of many Nigerians.

“I bought a car worth $600 and got it shipped for $1600. When it got to Nigeria, I had to pay about N3 million ($1,886) to clear the vehicle. This has never happened in the history of our business,” Kolawole, a car dealer, said. 

It now costs at least ₦5 million to buy a foreign-used sedan and ₦3 million for a Nigerian-used one. That is more than double the cost from 2023, according to data supplied by Pankaj Bohhra, co-founder of Fixit45. 

The rise in prices coincides with a decline in imports. The number of cars imported through the Tin-Can Island port, the entry point of choice for many Nigerian imports, dropped from 32,000 units in 2018 to 4008 in 2023, according to Dera Nnadi, the Customs Controller of the Command. 

Local assembly and production have also failed to grow. At a summit in 2020, Yemi Osinbajo, former Vice President, noted that available assembly plants delivered fewer than 14,000 cars.

Prices are forcing many to compromise 

Those prices are forcing adjustments as some companies switch to Nigerian-used official cars or relatively new or unknown brands as cheaper alternatives to Japanese cars, which have always been the preferred option. 

Other companies lease cars or use flexible auto financing for purchases. 

For individual customers, auto loans are still largely unpopular. While many financial institutions offer auto loans, consumers are unaware of them or don’t understand how they work. Ngozi, for instance, believes vehicle financing options have high-interest rates.

Ojurongbe Damilola, head of technical services at Cars45, believes customers are slowly warming up to car loans, citing an increase in financing requests compared to the past year. 

Ultimately, Nigeria’s car market is at a crossroads, and navigating the new normal will cause short-term pains. Local production is unlikely to increase, and as long as macroeconomic conditions remain the same, financing may still not be compelling enough for consumers. 

Get the best African tech newsletters in your inbox

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechCabal – https://techcabal.com/2024/03/20/can-anyone-afford-a-ride-the-great-nigerian-car-conundrum/

Tags: affordAnyonetechnology
Previous Post

Acasia Ventures leads six-figure investment in Egypt-based health tech Pharmacy Marts

Next Post

Nigeria’s Access Bank acquires National Bank of Kenya in its second Kenyan acquisition 

Abby Dow and England near record territory as Australia search for upset – The Guardian

Abby Dow and England Close in on Record as Australia Hunts for an Upset

September 6, 2025
America is getting the economy we voted for – Noah Smith | Substack

America Is Finally Experiencing the Economy We Created

September 6, 2025
Pendulum Announce Homecoming 2026 Australian Tour – yahoo.com

Pendulum Announces Thrilling Homecoming Tour Across Australia in 2026

September 6, 2025
HHS responds to report about autism and acetaminophen : Shots – Health News – NPR

HHS Addresses New Findings on Autism and Acetaminophen Use

September 6, 2025
September 2, 2025: Trump administration news – CNN

September 2, 2025: Trump administration news – CNN

September 6, 2025
Blending art, culture and native plants at Wakamatsu – Mountain Democrat

Discover the Harmony of Art, Culture, and Native Plants at Wakamatsu

September 6, 2025
The Two-Body Problem for Women in Science – Nautilus | Science Connected

The Two-Body Problem for Women in Science – Nautilus | Science Connected

September 6, 2025
How AI and Automation are Speeding Up Science and Discovery – Berkeley Lab News Center (.gov)

How AI and Automation Are Accelerating Breakthroughs in Scientific Discovery

September 6, 2025

American Trust Investment Services Serves as Exclusive Placement Agent in $9 Million Follow-On Offering for Nova LifeStyle, Inc. – Morningstar

September 6, 2025
Coherent Joins LLNL’s STARFIRE Diode Technology Working Group to Advance Inertial Fusion Energy – GlobeNewswire

Coherent Partners with LLNL’s STARFIRE Team to Drive Breakthroughs in Inertial Fusion Energy

September 6, 2025

Categories

Archives

September 2025
MTWTFSS
1234567
891011121314
15161718192021
22232425262728
2930 
« Aug    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (809)
  • Economy (828)
  • Entertainment (21,705)
  • General (16,884)
  • Health (9,869)
  • Lifestyle (840)
  • News (22,149)
  • People (829)
  • Politics (835)
  • Science (16,038)
  • Sports (21,326)
  • Technology (15,808)
  • World (809)

Recent News

Abby Dow and England near record territory as Australia search for upset – The Guardian

Abby Dow and England Close in on Record as Australia Hunts for an Upset

September 6, 2025
America is getting the economy we voted for – Noah Smith | Substack

America Is Finally Experiencing the Economy We Created

September 6, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version